AV furniture specialist secures significant funding package to drive growth
Praetura Commercial Finance Group has provided a £1.8m finance facility to an international design and distribution business.
AVF Group specialises in innovative TV wall mount and TV stand solutions and will use the funding from Manchester-based Praetura to support its growth ambitions.
Established in 1977, the Shropshire-based business is a designer and distributor of a variety of AV and electronic accessory brands such as AVF, VELD, Altec Lansing, Multibrackets and Happy Plugs.
Its products are sold through many of the UK and North America’s retailers and e-channels. AVF Group has seen an increase in turnover driven by both domestic and international markets.
The business underwent a MBO in February 2020 and since refinanced with Praetura Commercial Finance.
The lender offered a tailored solution combining confidential invoice discounting and collaborated with colleagues at Kingsway Finance to include a RLS Commercial Loan.
The funding package will provide AVF Group with additional headroom to increase its product offering and aid expansion into new markets in mainland Europe and beyond.
Simon West, Managing Director of AVF Group, said: “Praetura put in so much effort to get us over the line and I really appreciate them going the extra mile. The refinancing will allow us to build on the success we are having with new product development and support our rollout to more customers around the world.”
Tom O’Dell, Sales Director at Praetura Commercial Finance, said: “AVF Group is a leading specialist in a niche field with exciting ambitions.
“We were delighted to create a facility much better suited to their needs as well as ensure they have the headroom needed to fulfil their expansion plans.”
Paul Varley, Managing Director of Navigate Commercial Finance, who introduced AVF to Praetura, said: “With the right funding structure, I’m confident AVF will flourish and enjoy this next chapter in their 40+ year history.
“Not only are Praetura a pragmatic flexible funder who recognise business isn’t always black and white, but like AVF, they are a business owned by entrepreneurs who are the decision-makers, resulting in quick decision making.”
Legal advisors to Praetura were Shoosmiths, led by Natalie Barnes, and legal advisors to the company were Freeths, led by James Dyson.
